Tried updating my iPhone to version 5.0.1 but error shows up: "An error occurred while backing up this iPhone [-50]. Would you like to continue updating this iPhone? Continuing will result in loss of all content on this iPhone" - which has me worried.

Any idea what I should do as I would like to update my iPhone but do not want to lose all my content on my iPhone.
Using iPhone 4.
Thank you.
Appreciated much for any advice given.

The first thing you need to do is (in the left side of iTunes, under devices) right click on your phone, and do a manual back up. As long as that works, this should work for you. After you back it up, go to your phone in iTunes, and do a "Restore". Click the option to restore and update. When it is done with the update, it will ask you if you want to set your phone up as a new phone, or restore from the last back up. Restore it, and after another restart, and a sync, you will have your updated phone without loosing your information.

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